Date of this Version
- The business plan is an important tool for raising capital, finding strategic partners, recruiting, and providing an internal guide on how to drive a company’s growth.
- The plan should include an executive overview, introduction to the management team, market and competitive analyses, value proposition, operating plan, financial projections, and potential risks.
- The plan should be concise, well written, and dynamic. Details behind key assumptions should be included.
- Common business plan pitfalls include focusing only on the product without framing it in the context of the consumers/patients, the market dynamics, and the ecosystem in which it will be launched, as well as giving financials that are too aggressive and precise given the stage the company is in.
- New founders should consider engaging experts to help test assumptions as they develop the key parts of the business plan, including the financial projections.
- Many of the same concepts for writing a business plan for a startup apply to creating a business plan for a new clinical program or expanding operations within a health system.
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Conrad, Maire; Chan, Vanessa; and Miller, Linda
"Writing Business Plans for a Life Science Startup or Clinical Program,"
Academic Entrepreneurship for Medical and Health Scientists: Vol. 1
, Article 2.
Available at: https://repository.upenn.edu/ace/vol1/iss2/2